Apr 12, 2026
3 min read
The activities of this type of investors were reduced to 9.4% in 2025. Experts have confirmed that the restriction of gold visas had an effect.
Regulatory changes, rising prices and strong euro limit home purchases by non-resident foreigners
Based on facts directly observed and verified by our journalists or informed sources.
The activity of these investors decreased by 9.4% in 2025.Experts dismissed the impact of the gold visa reduction.
In 2025, the Spanish real estate market recorded levels not seen since the last burst of the bubble.However, the increase in sales is generally contrasted with a decrease in transactions made by non-resident foreigners.According to data published this Thursday by the General Council of Notaries, transactions by this type of investor decreased by 9.4% compared to 2024.Experts attributed the decline to changes in regulations, rising prices and the strength of the euro.They enacted legislation that had the effect of suppressing the golden visa.
Last year, non-resident foreigners bought 52,781 homes in Spain.They centralized 7.2% of operations.Although that figure is still high — 24 percent higher than before the pandemic — it's the lowest volume in four years.This represents an 18.5 percent decrease compared to 64,744 purchases in 2022, when purchases by non-resident aliens accounted for 9.3 percent of all purchases.
"There is a normalization after the extraordinary post-pandemic peak in Ukraine. The non-resident foreign buyer reached its peak in 2022 and has maintained a downward trend since then," says Andres Pedrera, CEO of Sonil, a marketing company specializing in second homes in coastal areas.It will respond to the fact that it is being repaired,” he adds.
In addition to this amendment, there are a number of reasons for which experts attribute the decline in non-resident business with foreign countries, despite the unanimous denial that one of them is the abolition of the golden visa, which was approved a year ago.Because they represent a very small part."According to data from the Ministry of Housing, in the period from 2013 to 2023, 14,576 permits of this type were granted, mainly Chinese and Russian, where foreign investors could obtain residency in Spain in exchange for the purchase of a property of 500,000 euros. In that decade, 5 million homes were sold.
"These concessions are small compared to the rest of the market," said Carlos Balado, professor at OBS Business School.Secretary Denaria also largely reflects the decline in foreign sales to ongoing regulatory changes, for example in relation to tourist rentals, and political announcements, such as the introduction of an additional tax on housing purchases by non-EU foreigners that the government put on the table last year.residents in the same houses.
García-Montalvo agrees, pointing to the instability of regulations as an obstacle for outsiders. "There is an uncertainty where the buyer does not know what will happen tomorrow and what he can do with his home," he points out.of purchases made by non-residents.
They pay higher prices
"Rising house prices also affect the type of buyers, you are not the occupant who has already paid the highest ticket price and therefore are most sensitive to the increasingly demanding market," Pedrera agrees."As prices rise and purchases become more ambitious or linked to second homes, the decision is more selective and takes longer to close. We see it more and more on the Costa del Sol," said Sonneil CEO, pointing out that the worst economic prospects in some European countries are also cold in some nations, such as Germany.
According to notaries, the average price paid by non-residents - 3,242 euros/m² - is 65% higher than that of domestic and Spanish residents - 1,963 euros/m² and 1,839 euros/m², respectively.The majority of the countries of origin of these buyers tended to be the United Kingdom, although its weight is decreasing post-Brexit.In 2025, they were driven out by the Dutch, for whom the transaction is against the majority of nationalities.increased by 12%.
In recent years, the origin of buyers has diversified, traditional markets such as English, German, Belgian and French weight have lost weight.These four nationalities concentrated 40% of business with non-resident foreigners in 2025, but their transactions decreased by 14.1%, 7.6%, 14.7% and 10.4%, respectively.On the other hand, new nationalities such as those from Eastern Europe - Poles and Ukrainians have increased by 13.3% and 28.6% from 2022 - as a result of the war in Ukraine and the US, especially after Donald Trump returned to the White House.
A strong euro
Balado disagrees that price increases could affect non-resident foreigners, as they are more oriented towards the upper-middle and high end, and Spain still has more affordable prices than other international enclaves.However, he suggests that the strengthening of the euro is making shopping more expensive for buyers in countries with weaker currencies.
Pedrera also points to this financial factor, which suggests that it mainly affects Sweden and Norway."In our commercial experience, the Nordic countries have lost strength because their currencies arrived with less purchasing power compared to the euro," explains Sonneil's CEO, who explains that they see more than a general drop a change in the "map of buyers" and highlights the increasing pressure from nationalities that are not as traditional as Americans or Mexicans.
In the luxury real estate segment, Luis Barrera, managing partner of Barnes, currently sees no decline in home purchases by non-resident foreigners.He admits that the sector has become more expensive in recent years due to a lack of real estate, but denies that this has reduced business, stressing that Spain remains a "very competitive" country for such investors and a "refugee country" in the face of geopolitical instability.
Despite the insistence that the demand for luxury homes from abroad remains, Barrera expects the impact of the war in the Middle East due to the increase in interest rates, both in purchasing decisions and financing for those who need to apply for a mortgage.In any case, they do not expect a reduction in activity, but the suspension of transactions will cause a slowdown.
